When buying and selling a home, it is important to have representation for every transaction. The term “agency” is used in real estate to help determine what legal responsibilities your real estate professional owes to you and other parties in the transaction. There are many types of “agency”. Here is a link to more information about Agency & Agency Relationships as defined by the NAR (National Association of Realtors).
Clearly defining agency, and signing an Agency Disclosure (“a written explanation, to be signed by a prospective buyer or seller, explaining to the client the role that the broker plays in the transaction; Barron’s Educational Series, 2000) is strongly recommended!
Finally, the term Dual Agency can be a little confusing. It does NOT mean that your are represented by a single agent in both the sale of your current home and the purchase of a new one. Dual Agency is when an agent represents both seller and buyer on a single transaction. This scenario, however, is NOT RECOMMENDED. You want your agent to be representing you, and only you, in a single transaction. An agent is limited in what they can do when acting as a dual agent and a Dual Agency Disclosure MUST be signed in Illinois.
This is just a brief overview. For more information about Real Estate Agency, contact us today!